Miti Blog

Ministry of International Trade and Industry Malaysia Official Blog

[MEDIA RELEASE] MALAYSIA SUPPORTS CHINA’S INITIATIVE ON FREE TRADE AREA OF THE ASIA PACIFIC (FTAAP)

Posted by admin2 on June 17, 2015 at 2:46 pm
Minister of International Trade and Industry, YB Dato’ Sri Mustapa Mohamed attended the 26th APEC Ministerial Meeting held in Beijing today.  Ministers discussed APEC’s achievements in the past 25 years, including the challenges and opportunities for regional economic cooperation in the coming years.

Minister Mustapa expressed Malaysia’s support for China’s initiatives to advance the process to undertake concrete actions towards the realisation of the Free Trade Area of the Asia-Pacific (FTAAP) in a comprehensive and systematic manner.  In Qingdao earlier in May, Trade Ministers agreed that APEC would remain as a non-binding, voluntary forum and provide intellectual inputs into the FTAAP process.  They also agreed that FTAAP when agreed, will be pursued outside of APEC.

FTAAP is envisaged to be a comprehensive FTA that is built on existing and on-going FTAs in the region such as the Trans Pacific Partnership Agreement (TPP) and Regional Comprehensive Economic Partnership Agreement (RCEP).  To date, APEC economies have already implemented 51 intra-APEC FTAs.

“Malaysia fully supports the Beijing Roadmap for APEC’s Contribution to the Realisation of an FTAAP.  We welcome the collective strategic study on FTAAP and are committed to cooperate in its work.”

Minister Mustapa also highlighted that Malaysia, as one of founding members of APEC, has benefitted from its technical assistance and capacity building programmes, as well as sharing of best practices among economies.  These have enabled Malaysia to undertake our own trade and investment liberalisation initiatives and at the same time benefit from liberalisation of other APEC members.
“Malaysia has eliminated import tariffs on almost 65% of our tariff lines. Our average tariff now stands at 5.6%. We have also undertaken autonomous services and investment liberalisation.

As a facilitation measure, Malaysia has already implemented the National Single Window which is an online system of customs declaration that has reduced time and cost for exporters and importers”, he added.

The average applied MFN tariff across the APEC economies has declined from 16.9% in 1989 to 5.7% today.

Over the ten years, APEC trade facilitation measures have reduced trade transaction costs by 5%, resulting in total savings of US$59 billion for businesses. Investment facilitation has improved transparency, predictability and simplification of investment procedures across APEC member economies.

As a middle-income economy, Malaysia acknowledged the benefits brought about by APEC initiatives in addressing the middle-income trap and pushing economies to achieve higher income status.

“As the chair of ASEAN next year, Malaysia looks forward to leading initiatives towards deepening regional economic integration”, he added.

Minister also stressed that it is essential for APEC to improve the implementation of the various measures agreed among economies. APEC should remain as a constructive forum to exchange best practices among members.

APEC economies agreed that APEC’s initiatives have significantly contributed towards opening up trade and investment in the region and facilitating movement of goods, services and people.  APEC should continue to remain as a forum to discuss comprehensive trade and investment issues for greater economic integration.

What is important is for APEC to implement all its agreed programmes and initiatives as planned. This will drive economic growth, provide jobs to the young people and enhance the role of the private sector.

ENDS

Ministry of International Trade and Industry
7 November 2014, Beijing

No commnents yet

Type Your Search Here

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 588

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 590

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 588

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 590

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 588

A PHP Error was encountered

Severity: Notice

Message: Undefined index: announce_display_type

Filename: libraries/Announcements_plugin.php

Line Number: 590

Tags

4PU ACEAN AEC AFAS AFTA AKI APEC ARBC ASEAN ASEAN Business Advisory Council (ABAC) ASEAN Regional Business Council ASEAN- India FTA ASEAN-India FTA AirAsia Alternative medicine Andrew Robb Anti- Dumping Anugerah Kecemerlangan Industri Apollo Hospitals Apparels Apps Store Asean Economic Community Asean Framework Agreement on Services Asian Development Bank Australian Minister for Trade and Investment Automotive Industry Axiata BDO BNM Babar Ali Khan Bangladesh Bank of China Bogor Goal Brazil Budgets Bumiputera CEO CEPT CHINA CIDB CIMB COO Caexpo Cement and Concrete Association (C&CA) Channel News Asia Chemical Company of Malaysian Berhad (CCM) Chile China China-ASEAN China-ASEAN FTA Confederation of Indian Industry Conference Construction Industry Development Board Consumers DIGI DOHA Dato' Seri Mustapha Mohamed Datuk Dr Rebecca Sta Maria Datuk Hamim Samuri Datuk Ir Hamim Samuri Datuk Jacob Datuk Mustapa Mohamed Datuk Naimun Ashakali Mohammad Datuk Seri Mustapa Mohamed Datuk Seri Mustapha Mohamed Datuk Seri Najib tun Razak Doha Development Agenda ELV Policy EPU ETP Economic Planning Unit Economic Policy Leaders programme Economic Transformation Program Economic Transformation Programme Economy Eelco Eksport Eksports Eports European Commission (EC) Events Export Exports FDI FOKEM FTA Federal Governmen Federation of Malaya Fiscal policy Committee (FPC) Food Forbes Foreign direct investments Foreign investments Forum Ekonomi Dunia GDP GE GST GTP Global Market Globecycle Goods and Services Tax Government Transformation Programme Groom Big HACCP-certified HDC HP Halal Halal Development Industry Halal Development Industry Corporation Halal Industry Development Corp Halal Ingredients Asia 2015 Hoekstra ICT IJM Corp Berhad IMD INSKEN INVESTMENT MISSION IPI IT Import Imports India Indian Commerce and Industry minister Nirmala Sitharaman Industries Industry Information and Communication Technology (ICT) Infrastructure Development Finance Company Institute for Management Development International Trade and Industry InvestKL Investents Investment Investments Jabatan Kemajuan Islam Malaysia Jakim Jeli Jepun Jom Masuk IPT (KPTN 2015) KELANTAN KSU Karnival Karnival Pendidikan Tinggi Negara Khazanah Nasional Khazanah Nasional Bhd Kulim Hi-Tech Park LIMA LIMA'15 LNG Laporan World Competitiveness Yearbook (WYC) Lawatan Lembaga Pembangunan Industri Malaysia Lexus MAI MATRADE MAlaysian Economy MGCC MIDA MITC MITI MITI Deputy Secretary-General MITI Report MITI Weekly Bulletin MITI Weekly Bulletin trade MITI report MITI weekly Bulletin MITI] MNC MOF MPC MTFTA Malaysia Malaysia Airports Holdings Berhad Malaysia Automotive Institute Malaysia Economy Malaysia Entrepreneurship Forum 2015 (MEF) Malaysia External Trade Development Corp Malaysia External Trade Development Corporation Malaysia International Halal Showcase Malaysia-China Trade Malaysia-India Comprehensive Economic Cooperation Agreement Malaysian Airlines Bhd Malaysian Economy Malaysian Industrial Development Finance Bhd Malaysian Palm Oil Board Malaysian Report Malaysian Standards Malaysian economy Malaysian pavilion Manufacturing Manufacturing Industry Maybank Media Release Menteri Perdagangan Antarabangsa dan Industri Microsoft Mid Tier Companies Development Programme Minister of Commerce of China Gao yan Minister of International Trade and Industry Ministry of Finance Ministry of International Trade and Industry Miti Miti Report Miti Weekly Bulletin MyASEAN Internship Programme NAP NAP review National Automotive Policy Nestle Networking OIC OIC-Asia Trade and Economic Forum 2015 Organisation of Islamic Cooperation P Ravindran PEMANDU PEMUDAH PKS PLKN PPD Pameran Maritime dan Aeroangkasa Antarabangsa Langkawi 2015 Parts and Components Pembangunan Industri Halal Sdn Bhd Pengurusan Prestasi dan Pelaksanaan (PEMANDU) Perbadanan Perbadanan Pembangunan Industri Halal Sdn Bhd Perbadanan Pembangunan Perdagangan Luar Malaysia Performance Management and Delivery Unit Perjanjian Perdagangan Bebas Perusahaan Kecil dan Sederhana Petronas Play Store Policy Perspective Preferential Tariff Rate Program Pembiayaan Usahawan Wanita Program Transformasi Ekonomi Pusat Dagangan Antarabangsa Melaka Pusat Transformaasi Luar Bandar (RTC) Quality R&D RCEP ROO Ranhill Regional Comprehensive Economic Partnership Road Sectors Royal Vopak Russia SCE SDSI SIRIM SIRIM QAS International Sdn Bhd SME Bank SME CORP SME Corp SME corp Malaysia SMECorp SMEs SPS STA Sadguru Polymers Pvt Ltd & Triace Solution SapuraCreest Satu Daerah Satu Industri Securities Commision Service Industry Service Sector Service Sectors Service sector Service sectors Services Sector Services sector Shell Shell Malaysia Shell Malaysia Ltd(SML) Shell Refining Company Showcase Groom Big Sime Darby Singapore Corp Enterprise Small and Medium Scale Industries Sri Mustapa Mohamed Strategic Trade Bill Success Story Sunway Sunway Group THE 12th China-Asean Expo TM TOK BALI TPP TPP trade TPPA TTPA TV Show Tariff Elimination Temasek Foundation Tenaga Nasional Bhd's The 21th ASEAN Economic Ministers (AEM) The Economic Planning Unit (EPU) The Malaysian Investment Development Authority The New Global Context The World Trade Organisation (WTO Toyota Camry Trade Trade Figure Trade Performance Trade Review Trans Pacific Partnership Trans Pacific Partnerships Trans-Pacific Partnership Agreement UMW Corporation UMW Holdings Berhad UMW Toyota UNCTAD US Universiti Malaysia Kelantan (UMK) Untag Usahawan Bumiputera Vehicle End-of-Life Policy Voluntary Partnership Agreement (VPA) WCC WCY WEF WEP WHS WORLD ECONOMIC FORUM(WEF) EAST ASIA 2014 AND TRADE & INVEST WTO World Competitive Centre World Competitiveness Center (WCC) World Competitiveness Yearbook (WCY) World Economic Forum World Halal Conference 2015 World Halal Summit YB Dato' Sri Mustapa Mohamed ZICOlaw application auto automotive bangladesh bank negara malaysia bilateral relation biojisim biomass business business facilitataion business facilitation cars 15 years cement industry competitiiveness competitive competitiveness competitveness currency e&e economy education electrical electronics emerging market environment eport World Competitiveness Yearbook 2014 export exports felda food manufacturing fore foreign direct investments foreign trade forex free trade agreement green technology gross domestic product healthcare highway hong kong import imports india industries industry interest rates international standards investmen investment investments irAsia iron and steel japan jepun kdnk kelantan liberalisation logistic low carbon malaysia malaysian business manila manufacturing mecc metal sub-sector middle east mihas miti motor vehicles national green technology national timber policy non-Islamic nations non-tariff north africa packaging policy review portland cement proton public service delivery renminbi research and development retails road transport sales showcase small and medium enterprises small and medium enterprises (SMEs) sme sme corp sme corp malaysia sme master plan smi smidec syarikat berstatus multinasional tariff tax incentive textiles the Asociation of Southeast Asian Nations the electrical and electronics the government's 11th Malaysian Plan tnb tourism trade tradisional medicine tube programme usahaw value added visit wood wood-based products world economic forums